Billionaire heirs to Brown-Forman, the company behind Jack Daniel’s, have erupted into a public family dispute as an unsolicited $15 billion cash offer from rival Sazerac looms. Brothers W.L. Lyons Brown III and Stuart Brown accused the board of “rewarding failure,” saying the stock slid from the mid-$70s per share to the mid-$20s per share over the past three years, wiping out billions in family wealth. The company also cut 12% of its workforce last year and shut its Louisville cooperage. The Wall Street Journal reported the brothers circulated their claims in a July 10 letter to more than 130 relatives.

Morgan Stanley has selected Dallas as the focus of its expansion outside New York City, planning to anchor a new $1.3 billion, 709,000 square foot skyscraper. The Dallas City Council previously approved incentives including an $18.5 million grant and a 10-year, 90% property tax abatement, and the project has received final approval from the city’s Plan Commission. The bank will initially lease 255,000 square feet at Fountain Place and spend $97 million on interior renovations.

Anthropic is projecting 2028 revenue of about $190 billion to $200 billion, far above the $47 billion revenue run rate it disclosed in May, according to people familiar with its financials. The company said its revenue run rate was about $9 billion at the end of 2025 before climbing to more than $47 billion by May. It has also projected at least $10.9 billion of revenue for the second quarter of 2026, more than double the prior quarter. Anthropic expects that pace to put it on track for its first quarterly operating profit of $559 million.

OpenAI has said its chief revenue officer, Denise Dresser, is leaving less than a year after joining the company as it prepares for a public listing. The company said she will be replaced by Dali Rajic, the former president and chief operating officer of cybersecurity firm Wiz. The departure follows another senior exit within days and comes as OpenAI works to expand enterprise sales, a segment executives have said made up about 40% of its business in January and was expected to approach 50% by year-end.

Anthropic investors expect the AI company to seek an IPO valuation of at least $2 trillion, topping a record previously set by SpaceX. They also forecast annualized revenue of $100 billion to $120 billion by the end of 2026, more than tenfold higher than this year. Venture capital, hedge funds and other institutions have invested nearly $100 billion in Anthropic this year, according to a report.

Apple shares plunged nearly 10% on Friday, the company’s sharpest one-day drop since March 2020, erasing roughly $475 billion in market value. CEO Tim Cook said a “100year flood” in memory-chip pricing squeezed profit margins and that Apple underestimated demand for its iPhone and Mac lineup. Investor sentiment also turned after Apple guided September-quarter revenue growth of 9% to 11%, below Wall Street expectations of roughly 12%.

Tractor Supply, the largest rural lifestyle retailer in the U.S., said it will close about 75 underperforming Petsense stores, or 36% of the 209 locations it had as of late June. CEO Hal Lawton disclosed the move on the company’s July 23 earnings call, saying it is intended to improve returns, simplify the business and shift resources toward higher-growth opportunities. The decision signals a pullback in the company’s pet retail strategy and is a negative earnings signal for Tractor Supply (NASDAQ: TSCO).

IBM warned that second-quarter revenue will be $17.2 billion, below the $17.86 billion consensus, and forecast adjusted EPS of $2.93 versus $3.02 expected. The company said customers shifted quarterly capital spending toward AI-related servers, storage and memory, leaving some mainframe and software deals unfinished. IBM shares plunged 25% in a single session, weighing on the Dow, while the IGV software ETF fell more than 4% and peers including Microsoft slid 2% to 5%.

Ahead of July 4, California’s average gasoline price has climbed to $5.40 per gallon, up $0.83 from $4.57 a year ago, according to the American Automobile Association. Nationwide prices have also risen, with the national average at $3.84 per gallon, as the war in Iran has tightened global oil supplies. California’s increase in its gasoline excise tax to 63.4 cents per gallon on July 1, along with limited local refining capacity and stronger seasonal demand, has added to the state’s outsized jump. Prices in areas including Los Angeles, San Francisco and Mono County are running well above the national average.